Formerly known as Avalon Terrace, the redevelopment was completed on schedule for a total cost of roughly $60.9 million. The community is 93% leased and average rents per home are approximately $1,695.
The Avalon Bedford project was a joint venture with a third party institutional investor. The Company has a 25% stake in the JV but may receive 50% of all returns in excess of an agreed upon benchmark.
Alexandria, VA-based AvalonBay owns or holds an ownership interest in 145 apartment communities comprising 42,619 units in eleven states and Washington, DC.
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